Hayward has confirmed that he is preapred to sell all of the shares for one £10 payment on the condition that Morgan invests £30 million intob Wolves.
"In keeping his promise to supporters to step aside for the right person, Sir Jack Hayward has taken the unprecedented step of 'gifting' the shares of Wolverhampton Wanderers (1990) Ltd, the club's holding company, to Carden Leisure (Morgan's company) for £10 in return for a £30million investment into the club," a statement from Wolves has read.
"All of the £30m will be used for the benefit of Wolves. Sir Jack is making this gift for the benefit of the club and in order to secure the future of the club on a long-term basis.
"It is intended that the new capital, over a period of time, will be used to help re-establish Wolves as a Premiership club.
"Although this is a significant amount of money there will not be an 'open chequebook' approach to signing players; instead the club will build on the current strategy of steadily and progressively developing a team of young, hungry and talented players.
"Having been impressed by what he has seen of the club to date, Steve Morgan is keen to ensure stability and continuity by retaining Mick McCarthy as first team manager and Jez Moxey as chief executive."